Momentum fined for weak crime controls

The Momentum logo. 

JOHANNESBURG - The Financial Sector Conduct Authority has slapped Momentum with an R11-million fine for its weak precautions against financial crime.

The regulator says an inspection found weaknesses in their money laundering and terrorist financing controls.

READ: Momentum impacted by COVID-19

It stresses that Momentum Wealth and Momentum Collective Investments have not been found guilty of facilitating transactions that proved illicit.

The regulator says Momentum has since agreed to remedial action.


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